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CORL: Corel Gets Big Investor

Software company

Corel

(CORL)

will sell up to 14.7 million shares in the next two years to an unnamed investor, adding money to its cash-strapped wallet. The financing should give a boost to Corel, which has suffered recently due to lagging sales and the sudden departure of Michael Cowpland, the company's high-profile head.

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Corel is perhaps best known for its Word Perfect word processing software and its fervent support for Linux, the only major competition for Windows.

Corel didn't name the mystery institutional investor, but did say that the investor is entitled to purchase Corel stock at a discount during certain periods.

Corel was trading off 6 cents, or 1.7%, at $3.63 in early trading.